HIGHLIGHTS
· Market Trend: Corn, CK Down $.0250; Soybeans, SK +$.0025; Wheat, WK Down $.10501; KWC Down $.14
· A larger than expected contraction in March Chinese construction raised hopes for an additional stimulus package. Also, the World Bank less optimistic on East Asia/Chinese 15-16 growth prospects, trims forecast. Asia mostly posted gains as a result: Shanghai, +2.16%; the Hang Seng, +2.73%; Nikkei, off .01%. Europe is treading water: FTSE, -.42%; DAX and CAC 40, +.02%. U.S. futures lower: DOW, -16; S&P, -2.50; NAS, -1.8. Outside markets: $ Index, +.621 @100.665; gold, -$5.60 to $1,198.80; energy futures are mostly higher
· T-storm Weather: Some uncertainties persist, but the forecast for this week is considerably wetter for drought-stricken U.S. HRW wheat. Needed rain of 0.67”-1.33” falls from today intoTuesday across Oklahoma and Texas. Attention then turns to an upper level system that disconnects from the jet stream and wobbles across the central and/or southern Plains within Wed-Fri. The potential for widespread and heavy rain exists with this system, but numerous uncertainties exist. We are most comfortable forecasting 0.50”-1.00” of rain across much of central and southern Plains, including most HRW wheat from Colorado-Kansas south
· May Corn Down $.0250 at $3.7450; July Down $.0275 at $3.82. The Funds were even inFriday’s trade
· May SB Up $.0025 at $9.5175; July Steady at $9.56. The Funds sold 4 K SB; 4 K SBM and bought 1 K SBO on Friday
· May Wheat Down $.1050 at $5.16; July Down $.1025 at $5.1375. The funds bought 3 K on Friday
CORN/SORGHUM         ;
·   Export Inspections released at 10 AM CDT; Corn, 42.1 needed; 40.5 last week. Milo—3.3 needed; 11.8 last week
· USDA Crop Progress report scheduled for release at 3:00 PM CDT projected to show a sluggish start to U.S. corn planting with progress of 1-3% possible vs. approx. 2% last year and the five-year average of approx. 5%
· T-storm Weather: A cool front results 0.25”-0.50” of rain across southeast half of the U.S. Corn Belt this week, though sharply higher amounts of 1.00”-2.00” occur in wettest corn and areas in/adjacent the Delta
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 17,604 contracts
SOYBEANS/WHEAT
· Export Inspections released at 10 AM CDT; Soybeans, 6.7 needed; 20.8 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 4,272 contracts
· T-storm Weather: Periods of rain keep wettest U.S. SRW wheat areas in/adjacent the Delta wet this week. Please see HIGHLIGHTS section above for a detailed forecast this week for U.S. HRW wheat
· Export Inspections released at 10 AM CST; Wheat, 22.1 needed; 13.6 last week
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions increase 2,915 contracts
ENERGY
· Firmer: CLK15, +$0.54 at $52.16; EBK, +$0.63 to $58.50; EBK-CLK, +6.33, RBK, +$.0139;NGK, -$.009; HOK, +-$.0174
· A weaker trend was evident in cash ethanol markets on Friday: Chicago down 1 ½; New York slipped 2; Gulf eased 1; Tampa lost 2 ¼; Dallas declined 1 ¾; and LA was 2 ½ lower at $1.67 ½ per gallon
· RINs were steady to higher: 2013’s unch at 69 ½-70 ½; 2014’s unch at 70 ½-71 ½; and 2015’s up 1/8 to 68 ¼-69
· The May RBOB/May Ethanol spread gained over 5 ¾ cents on Friday to settle at $.2393/gal. 2+ wider this am
LIVESTOCK/POULTRY    
· Choice boxed beef values were down $1.88 on Friday but are 94-cents higher compared to last week
· April live cattle futures closed limit-down at $158.80 Fri., the lowest settlement price for the contract since March 20
· The USDA mandatory pork carcass cutout value decreased 76-cents on Friday and is 17-cents lower vs. a week ago
· CME Lean Hog Index was up $0.15 at $60.35. April futures $0.45 higher at $62.55 and are $2.20 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather